Why do we declare assets?

Why do we declare assets?

Asset declarations of public officials are a powerful tool to prevent corruption, detect illicit enrichment and conflicts of interests. Limitations on the privacy of public officials by requiring them to disclose their income, assets and liabilities serves the public interest.

What does it mean to declare assets?

An asset declaration is a person’s balance sheet and should cover assets, from all homes, valuables and financial portfolios, to liabilities, such as debts and mortgages, and all sources of income from directorships and investments to consulting contracts.

What is declaration of wealth?

In 2003, Kenya was among the first countries to ratify the United Nations Convention Against Corruption, which led to the introduction of the Public Officer Ethics Act (POEA). The POEA created a system of wealth declarations in Kenya, whereby all public officers and their spouses are required to declare their wealth.

How do you fill out declaration of assets and liabilities?

List your assets (what you own), estimate the value of each, and add up the total. Include items such as: List your liabilities (what you owe) and add up the outstanding balances. Subtract your liabilities from your assets to determine your personal net worth.

How do you fill out an asset form?

Taxpayer is required to mention the total amount of COST of the assets mentioned….How the amounts of assets and liabilities are to be filled-in?

1. Enter total cost of all the lands (in the form of plots, agricultural land etc.)
2. Enter total cost of all the buildings (in the form of Flats, Bungalows, shops etc.)

How do I check my wealth declaration status?

Wealth declaration procedure (How to guide)

1. Visit the official TSC website; tsc.go.ke.
2. click on online services menu and go to Teachers Online Services sub menu.
3. You will redirected to teachersonline.go.ke.
4. Click on the Declaration of Income, Assets and Liabilities.
5. Enter your TSC number and click next.

What is income declaration form?

The declaration can be filed online or in print form to the jurisdictional Commissioner of Income-tax. The scheme promises immunity by exempting declared assets from Wealth Tax, scrutiny/enquiry and prosecution under Income-tax Act/Wealth-tax act, and immunity from Benami Transactions (Prohibition) Act, 1988.

How do you declare an asset?

The Declaration of Assets must show the assets belonging to the Government employee even though they may stand in the name of his wife (in the case of a male Government employee), children, other dependants or benamdars, and must also show the assets belonging to the wife of a male Government employee or to his …

Are assets?

An asset is anything of value or a resource of value that can be converted into cash. Individuals, companies, and governments own assets. For a company, an asset might generate revenue, or a company might benefit in some way from owning or using the asset.

How do you do a wealth declaration?

How do I get a declaration certificate?

Step 1 Include your name, address, phone number, etc.

1. Step 2 Include a self-declaration statement. In your letter include the name of your company, if self-employed, or the company you worked for.
2. Step 3 Include specific dates of employment.
3. Step 4 Include a detailed list of tasks performed during this period of time.